The price of a barrel of oil could rise to $200 in the medium term perspective.
Ecuador President Rafael Correa pointed to such a development, the media informed citing the ABI agency.
He explained the possibility of such an occurrence by the reduction in investments in the oil industry, and the closure of oil wells that have become unprofitable due to the low prices.
The Ecuadorian president noted, however, that negotiations between Russia and Saudi Arabia are a positive sign, according to Rossiyskaya Gazeta daily newspaper of Russia.
Russia, Saudi Arabia, Qatar, and Venezuela on Tuesday held talks on the current oil market situation, and agreed to proceed with the output freezing initiative if other countries followed suit. The proposal was later backed by Ecuador, Algeria, Nigeria, Oman, and Kuwait.
